Holiday Lets on the Rise

According to The Argus, recent data shows that there are almost 150 newly registered homes as holiday lets in Brighton & Hove.

Since the coronavirus pandemic there has been an increased desire to go on holiday within the UK , resulting in property prices inflating considerably in tourist hotspots throughout the country. Many property owners have used this opportunity to convert their second homes to holiday lets.

This is further supported by figures from the government’s Valuation Office Agency, which show that there were 149 more holiday lets trading as businesses in Brighton at the end of May 2022 (434) than before the pandemic began.

The figures regard holiday lets as properties that are registered as commercial premises, which means that they must be available for at least 140 days of the year. This means that other second homes used for private holiday lets are not included in these figures.

Across England and Wales, almost 20,000 new homes have been newly registered as holiday lets since the pandemic began, meaning that there are now 83,342 registered nationally.

In January, the government announced plans to clamp down on the holiday let tax loophole, so second homeowners with now have to prove their properties are rented for a minimum of 70 days in order to access small business rates relief.

Read more here.